Why Sun Pharma is among the top losers today?

31 May 2022 , 03:20 PM

Sun Pharma’s stock is among the top losers today. By 3:10 p.m. the stock lost 3.19% over its previous day’s closing price.

The decline happened because the loss of Rs 2277 crore that the company posted in the March 2022 quarter. This loss happened because of the one-time charge that the company incurred due to payment for legal settlements in United States. Most of this payment was for settling a class- action suit brought against Ranbaxy in United States. Ranbaxy is now a subsidiary of Sun Pharma after the latter acquired it. The class action suit brought by some US citizens alleged that Ranbaxy did fraud to delay the launch by competitors of their own generic medicines in the US market.

After the decline today, Sun Pharma’s stock may see some uptick in the coming days on the back of value buying.